SBI Education Loan: In today’s world, the cost of education has skyrocketed, making it difficult for many students to pursue their dreams of higher studies. To meet this challenge, State Bank of India (SBI) has introduced the SBI Education Loan Scheme 2024. Under this scheme, students can finance their educational aspirations up to Rs. 1 lakh to Rs. Can secure loans up to 50 lakhs. This article will study the details of SBI Education Loan, its eligibility criteria, application process and the benefits it offers to students.
SBI Education Loan 2024 | SBI Education Loan
|SBI એજ્યુકેશન લોન 2024
|SBI એજ્યુકેશન લોન
|SBI (સ્ટેટ બેંક ઓફ ઈન્ડિયા)
To be eligible for SBI Education Loan, the following criteria must be met:
Citizenship: The student must be a resident of India, whether studying in the country or abroad.
Age Limit: There is no specific age limit to apply for a loan. Students in the age group of 18 to 35 years can avail this facility.
Eligible Courses: Loans are available only to students pursuing technical and business studies.
Existing Loans: The applicant should not have any outstanding loans in their name.
Key Features of SBI Education Loan 2024:
Repayment Options: The loan can be repaid in monthly installments (MI) over a period of 15 years. Repayment starts after completion of the course and a grace period of 12 months is given.
Processing Fee: There is no processing fee for loans up to Rs 20 lakh. However, a processing fee of Rs 10,000 is applicable for loans above Rs 20 lakh.
Security Requirements: Rs. No collateral or guarantor required for loans up to 7.5 lakhs. For loans above this amount, the bank may ask for collateral or a guarantor.
Course Coverage: SBI education loans cover a wide range of courses including undergraduate and postgraduate degrees/diplomas, PhD and doctoral programmes, technical courses, business courses and more.
Documents Required for SBI Education Loan 2024:
To apply for SBI Education Loan, the following documents are required:
Educational Documents: 10th and 12th Marksheet, Graduation Marksheet (if applicable), Entrance Test Results and Admission Certificates.
Course-related documents: List of course expenses, fee receipts and copies of scholarship award letters.
Identity Proof: Passport size photographs, Aadhaar Card, PAN Card, Passport (for study abroad), Driving License and Voter ID Card.
Financial documents: Bank account statement of parent/guardian/guarantor for last six months, asset-liability details of co-applicant/guarantor, salary slip (for salaried persons), and latest IT return (for self-employed persons).
Other documents: GAP certificate (if applicable), business address proof (for self-employed persons), and proof of Aadhaar number.
Loan Amount and Interest Rate:
The loan amount for studying in India depends on the course and related fees ranging from Rs. 1 lakh to Rs. May be up to 50 lakhs. For medical courses, the loan amount can go up to Rs 30 lakh, while for other courses, it is limited to Rs 10 lakh. While studying abroad, students can get a maximum of Rs. 7.5 lakhs, which can be increased depending on the cost and nature of the program.
Interest rates for SBI Education Loan are highly competitive, ranging from 8.15% to 8.65% depending on the loan amount.
Applying for SBI Education Loan:
There are two methods of applying for SBI Education Loan: Online and Offline.
Visit the official website of SBI Bank (https://sbi.co.in/) and navigate to the Loan Application section.
Follow the instructions on the website available in the language of your choice.
Fill the application form step by step ensuring accurate information.
Upload required documents as per instructions.
Submit the application form online.
Collect all the necessary documents mentioned earlier.
Visit the nearest SBI Bank branch and inquire about the loan.
Get the application form from the bank.
Fill the required personal and educational details carefully.
Attach all relevant documents with the form.
Submit the filled form to the bank for verification.
On successful verification, the loan amount will be approved and transferred to the applicant’s account.